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Introduction of labour market

A vital macroeconomic variable is the total amount of labor which is used in a certain time period. Amount of labor and amount of capital are significant explanatory variables for total production and GDP. Another reason for importance of the amount of labor is that it's related to unemployment rate - a macroeconomic variable that is clearly important.

 

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9582375

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